The problem is, that PS2 only has USB 1.1 and will never reach this speed from USB. :P
Your Video ~2400kbit/s=300KB/s.
Should be possible.
Try newest Version and also if you can, try to stream it from PC to PS2.
PS2 V7/DMS3 V2 (FW:2.4b7); Seagate Baracuda 200GB
PS2 V7/CC1.0 (FW:34 hacked v2 BM:2.1.6); Maxtor DiamondMAX9 PLUS 160GB
PS2 SCPH-30004R; NoMod+NoLaser
3xSony MC 8MB
MAX/Datel 16MB with Boot-CD
Custom FMCB 1.8b+ Beta-Build, my AIO 0.5, Sony&xRhino-Linux